New Delhi: Life Insurance Corporation of India (LIC) launched a single premium insurance plan 'Jeevan Vriddhi'. "This is a single premium non-linked insurance plan where the risk cover is 5 times of premium chosen by the customer and offers excellent guaranteed returns at maturity," the country's largest insurer said in a statement.

The plan, which is a combination of insurance and returns, would be available for a limited period, it said.

While there is no upper limit on investment, the minimum entry age for the plan is 8 years.

The term under the policy is fixed at 10 years. The minimum premium under the policy is Rs 30,000 and will increase in multiples of Rs 1,000, LIC said.

In the event of the unfortunate death of the policy holder during the term of the policy, the basic sum assured would be payable which is 5 times the single premium excluding extra premium, if any, it added.